The Spanish Competition Authority imposes € 120 728 000 fines on insurance companies cartel for price fixing (Insurance Cartel)

Spain: La Comisión Nacional de La Competencia (CNC) imposes € 120 728 000 in Fines on Insurance Companies' Cartel On 12 November 2009, the CNC Council has fined Asefa, Mapfre Empresas/Mapfre Re, Caser, Switzerland/Swiss Re, Scor and Münchener for a cartel agreement to set minimum prices for decennial insurance in Spain from 2002 to 2007: the companies involved were found to infringe the Spanish Competition Act and Article 81 of the EC Treaty (now Article 101 of the Treaty on the Functioning of the European Union). In 2002 the Spanish Building Regulatory Act introduced an obligation on developers of new residential buildings

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European Competition Network Brief, The Spanish Competition Authority imposes € 120 728 000 fines on insurance companies cartel for price fixing (Insurance Cartel), 12 November 2009, e-Competitions Bulletin November 2009, Art. N° 33226

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